Reverse Auctions

ALSO CALLED:
Upside Down AuctionsDEFINITION: A reverse auction, also known as an upside down auction is an auction where people can list what they want and need and have other people submit offers to them.

WHITE PAPER:
Reverse auctions are a key tool that sourcing organizations can use to bring about huge success if executed along with a well-defined sourcing process. Careful thought and planning must precede an auction event in order to achieve double-digit price compression.

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